With a strong rally seeing GBP extending its upside offensive on Wednesday, the risk of returning to its key resistance residing at the 1.6059 level is likely. Above here will trigger its medium term uptrend resumption towards its Oct 31'2011 high at 1.6161. Its daily RSI is bearish and pointing higher supporting this view. On the downside, below its mentioned trendline and the 1.5642/53 levels, its Feb 14/15'2012 lows, the pair should weaken further towards the 1.5497 level, its Jan 10'2012 high. On the upside, the pair will have to break and hold above the 1.6059 level to trigger its medium term uptrend resumption towards its Oct 31'2011 high at 1.6161. On the whole, the pair continues to hold on to its medium term uptrend as it looks to strengthen further.
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